Search results
1 – 10 of over 141000
This paper aims to investigate possibility of statistical detection of market completeness for continuous time diffusion stock market models.
Abstract
Purpose
This paper aims to investigate possibility of statistical detection of market completeness for continuous time diffusion stock market models.
Design/methodology/approach
The paper uses theory of forecasting to find criteria of predictability of market parameters such as volatilities and the appreciation rates.
Findings
It is known that the market completeness is not a robust property: small random deviations of the coefficients convert a complete market model into an incomplete one. The paper shows that market incompleteness is also non-robust: for any incomplete market from a wide class of models, there exists a complete market model with arbitrarily close paths of the stock prices and the market parameters.
Originality/value
The paper results lead to a counterintuitive conclusion that the incomplete markets are indistinguishable in the terms of the market statistics.
Details
Keywords
Gordon Wills, Sherril H. Kennedy, John Cheese and Angela Rushton
To achieve a full understanding of the role ofmarketing from plan to profit requires a knowledgeof the basic building blocks. This textbookintroduces the key concepts in the art…
Abstract
To achieve a full understanding of the role of marketing from plan to profit requires a knowledge of the basic building blocks. This textbook introduces the key concepts in the art or science of marketing to practising managers. Understanding your customers and consumers, the 4 Ps (Product, Place, Price and Promotion) provides the basic tools for effective marketing. Deploying your resources and informing your managerial decision making is dealt with in Unit VII introducing marketing intelligence, competition, budgeting and organisational issues. The logical conclusion of this effort is achieving sales and the particular techniques involved are explored in the final section.
Details
Keywords
It is argued that a unified socialist market should be a solid,full‐view market, and that whether the market system is complete or nothas an important effect on the development of…
Abstract
It is argued that a unified socialist market should be a solid, full‐view market, and that whether the market system is complete or not has an important effect on the development of a commodity economy. Thus it is required of the socialist commodity economy that in order to promote a complete market system, it is required to include commodities, funds, technology, information and labour, and that this model should be reflected in all its aspects. The concept of market from a social and an economic view is discussed.
Details
Keywords
Taylor Jade Willmott and Sharyn Rundle-Thiele
Theory remains underused in social marketing despite many potential benefits that may arise if theory is concretely and consistently applied. In response to ongoing calls for…
Abstract
Purpose
Theory remains underused in social marketing despite many potential benefits that may arise if theory is concretely and consistently applied. In response to ongoing calls for standardised frameworks and methods, this study aims to present a four-step theory application process with the aim of supporting improved theory use across the entire social marketing process.
Design/methodology/approach
The role and importance of theory application in behaviour change is outlined alongside an integrative review and critical analysis of theory application in social marketing. To address key challenges impeding rigorous theory use, the theory selection, iterative schematisation, theory testing and explicit reporting of theory use (TITE) four-step theory application process is proposed. Evidence-based guidance, current best practice examples, and a worked example are provided to illustrate how the TITE process may be initially followed.
Findings
Low levels and poor quality of theory use suggest social marketing researchers and practitioners need further support in rigorously applying theories across the life of an intervention. The TITE process leverages the known benefits of theory use and capitalises on the reciprocal relationship that may be enacted between theory selection, iterative schematisation, theory testing and explicit reporting of theory use.
Research limitations/implications
The TITE process delivers a standardised framework that aims to stimulate rigorous theory application and explicit reporting of theory use in social marketing. Clear theory application and reporting will permit a more fine-grained understanding of intervention effectiveness to be established by shifting away from a simple dichotomous view of effectiveness (success or failure) to unpacking the “active ingredients” contributing to observed outcomes.
Practical implications
The evidence-based guidance and best practice examples provided for each step of the TITE process will increase the accessibility and usability of theory among practitioners. With time the TITE process will support practitioners by delivering a robust theory base that can be reliably followed to further extend on social marketing’s effectiveness.
Originality/value
This paper draws on interdisciplinary methods and resources to propose a standardised framework – the TITE process – designed to support rigorous theory application and explicit reporting of theory use in social marketing. Refinement, uptake and widespread implementation of the TITE process will improve theory use and support the creation of a shared language, thereby advancing social marketing’s cumulative knowledge base over time.
Details
Keywords
Saumya Ranjan Dash and Jitendra Mahakud
This paper aims to investigate whether the use of conditional and unconditional Fama and French (1993) three-factor and Carhart (1997) four-factor asset pricing models (APMs…
Abstract
Purpose
This paper aims to investigate whether the use of conditional and unconditional Fama and French (1993) three-factor and Carhart (1997) four-factor asset pricing models (APMs) captures the role of asset pricing anomalies in the context of emerging stock market like India.
Design/methodology/approach
The first step time series regression approach has been used to drive the risk-adjusted returns of individual securities. For examining the predictability of firm characteristics or asset pricing anomalies on the risk-adjusted returns of individual securities, the panel data estimation technique has been used.
Findings
Fama and French (1993) three-factor and Carhart (1997) four-factor model in their unconditional specifications capture the impact of book-to-market price and liquidity effects completely. When alternative APMs in their conditional specifications are tested, the importance of medium- and long-term momentum effects has been captured to a greater extent. The size, market leverage and short-term momentum effects still persist even in the case of alternative unconditional and conditional APMs.
Research limitations/implications
The empirical analysis does not extend for different market scenarios like high and low volatile market or good and bad macroeconomic environment. Because of the constraint of data availability, the authors could not include certain important anomalies like net operating assets, change in gross profit margin, external equity and debt financing and idiosyncratic risk.
Practical implications
Although the active investment approach in stock market shares a common ground of semi-strong form of market efficiency hypothesis which also supports the presence of asset pricing anomalies, less empirical evidence has been explored in this regard to support or repute such belief of practitioners. Our empirical findings make an attempt in this regard to suggest certain anomaly-based trading strategy that can be followed for active portfolio management.
Originality/value
From an emerging market perspective, this paper provides out-of-sample empirical evidence toward the use of conditional Fama and French three-factor and Carhart four-factor APMs for the complete explanation of market anomalies. This approach retains its importance with respect to the comprehensiveness of analysis considering alternative APMs for capturing unique effects of market anomalies.
Details
Keywords
Mark C Berger, Dan A Black, Amitabh Chandra and Frank A Scott
In the spirit of Polachek (1975) and the later work of Becker (1985) on the role of specialization within the family, we examine the relationship between fringe benefits and the…
Abstract
In the spirit of Polachek (1975) and the later work of Becker (1985) on the role of specialization within the family, we examine the relationship between fringe benefits and the division of labor within a married household. The provision of fringe benefits is complicated by their non-additive nature within the household, as well as IRS regulations that stipulate that they be offered in a non-discriminatory manner in order to maintain their tax-exempt status. We model family decisions within a framework in which one spouse specializes in childcare and as a result experiences a reduction in market productive capacity. Our model predicts that the forces toward specialization become stronger as the number of children increase, so that the spouse specializing in childcare will have some combination of lower wages, hours worked, and fringe benefits. We demonstrate that to the extent that labor markets are incomplete, the family is less likely to obtain health insurance from the employer of the spouse that specializes in childcare. Using data from the April 1993 CPS we find evidence consistent with our model.
Li Weian, Li Xiaoyi and Li Jianbiao
The purpose of this paper is to focus on the characteristics, efficiencies and interaction of many alternative market governance modes, by the approach of comparative…
Abstract
Purpose
The purpose of this paper is to focus on the characteristics, efficiencies and interaction of many alternative market governance modes, by the approach of comparative institutional experimentation.
Design/methodology/approach
First, a highly simplified model of market economy is developed, which is embedded in a three‐layer governance structure. Then the model is transplanted into laboratory experimentation, so the characteristics and efficiencies of different governance modes can be identified by observing the subjects' behaviors under them.
Findings
The experimental results show that the market with governance structure based on rule is more efficient than the market with governance only based on long relation and based on preference or belief, and the dynamic improvement of governance based on rule has a destructive effect on the governance based on relation and governance based on preference or belief.
Originality/value
These results have profound implications for the development or enhancement of market institutions in transition or developing countries.
Details
Keywords
There are several reasons why new products must be developed faster than before. This article reviews this changing imperative and describes several specific techniques that can…
Abstract
There are several reasons why new products must be developed faster than before. This article reviews this changing imperative and describes several specific techniques that can help shorten new product development durations.
Looks at the problems and methods of providing companies with detailed information about their own sales and marketing costs. Shows how a database can be constructed using the…
Abstract
Looks at the problems and methods of providing companies with detailed information about their own sales and marketing costs. Shows how a database can be constructed using the concept of marketing cost analysis. Describes profitability analysis for customers, products and any market segment required. Discusses potential problems with accuracy and the marginal cost approach, going on to show how the database should be expanded to form a complete marketing information system.
Details